Turkish regulators have prepared a bill to regulate cryptocurrencies, aiming to minimize risks and align with global standards. Led by Abdullah Güler, the draft law requires cryptocurrency platforms to be licensed by the Capital Markets Board (SPK) and supervised by the SPK.

The bill addresses customer asset management, platform relationships, and sanctions. It also authorizes the SPK to regulate cryptocurrency asset sales and distribution.

The Scientific and Technological Research Council of Türkiye (TÜBITAK) will support blockchain and related technologies. This bill aims to address Financial Action Task Force (FATF) criticisms and remove Turkey from the "gray list."

Turkey's crypto market has minimal regulations, with the Central Bank banning cryptocurrency payments and the Financial Crimes Investigation Board (MASAK) requiring Know Your Customer (KYC) data to prevent money laundering and terrorism financing.

Despite this, Turkey ranks fourth globally in crypto trading volume, with an estimated $170 billion. The new bill aims to enhance trading platform standards and bring Turkey in line with international regulations.